Why People Love Prophix
It’s thanks to our dedicated and hardworking customers that we have one of the highest customer satisfaction scores in the industry. Their feedback and direction help make us the best FP&A software on the market. Prophix's usability, availability, and performance support business' strategies for today and tomorrow. We appreciate every user who took the time to share their experience with other finance professionals looking to transform their finance function.
The reforecasting capabilities that Prophix enables us to do through multiple "versions" has helped us with mid-year reporting and forecast updates throughout the year. The ad-hoc analysis also provides a more efficient way to analyze our financial data. Consider how much time you spend updating multiple spreadsheets in excel and ask yourself if it's worth utilizing a software that could help reduce that amount of time significantly.
Love that we can slice and dice the financial and non-financial data in the same place. Very easy to set up and user-friendly for the end user experience. Very good experience! Would recommend highly to anyone upgrading from an outdated reporting system.
It is very versatile, starting with the creation of a web-based platform. Prophixes for monitoring expenses, investments and capital planning, restructuring, schedule of compensations, project tracking, distribution of expenses, GAAP PLOB reports can be used. There are many ways to break the data and determine it, and every user can do so whenever they like. Current reports can be easily created or implemented. Many of our systems have been made more efficient and we have saved more time than you could have expected by Prophix.
I love the flexibility of the software and being able to design it to meet any need for the company. Our Finance Department is now able to get accurate information on a timely basis to anyone who asks for data and/or reports. We have realized many benefits including the available for more analysis time and at the same time, working less hours. The biggest benefit has been wage analysis. Salaries are out biggest expense and prior to Prophix, we really did not have an accurate way to really dig into wages in a timely manner.
My favorite part of the program is the Ad Hoc function. Having all of our financial and statistical data available to pull in any format at any given time is extremely helpful. We have used it to streamline our budget process and to build reports for better analysis of our performance. We also use it for monthly financial reporting.
Any company that has multiple entities and/or stores would see an immediate benefit, as Prophix has the ability to slice and dice the financial and non-financial data on any dimension (whether it's company code, store code, etc.) Multiple entity reporting is extremely easy, and also very flexible. Our organization has 140 stores in 1 entity, and 3 other entities that don't have stores. With Prophix we are able to generate reporting that gives us both consolidated and consolidating financials with 1 click.
Prophix is well suited for companies that develop budgets at the line item level. It is also well suited for forecasting and developing different scenarios. Prophix is a robust, versatile system for people who like to get into budget details and develop custom reports. Prophix support has been very responsive. Every staff person has been genuinely nice, knowledgeable, and helpful. We use the Customer Support Program, which is costly, but it has been worth it so far.
Budgeting and planning of personnel is made easy with tax calculations done in the background by Prophix, requiring only rate updates annually. Prophix makes it easy to plan for staffing changes, without needing to recreate basic data. Companies needing to create multiple scenarios for various reasons can easily do this. There is no need to create the set-up from scratch. You are able to build upon previously created versions or scenarios easily. This is a great time saver. Once you select the scenario you would like to use as your plan, it is easily saved and applied to reporting. Workflows are easy to set up and maintain in Prophix.
Everyone can benefit from utilizing the features within Prophix. The only limitations are the creativity of your mind. Key questions to ask during the selection process include understanding the training that occurs during implementation. Prophix is focused on making this a product that is expandable by the end user, meaning users don't have to contract professional services every time a new model is desired. Understanding from the competition what is required to expand the use of models is a key differentiator in this space. Companies that encourage end users to take full ownership of the product provide more ultimate value. If necessary, Prophix can assist with model expansion, but they want the end user to be able to be self sufficient, if that is desired. Another key question to understand in the selection process is the amount of IT involvement. Prophix can be a product wholly owned by the finance office. Required IT involvement in using or creating new models within Prophix is extremely low, which allows finance to be self sufficient and provide value to the business without relying on the IT department for support.
Prophix is great once you have the model built and want to run different scenarios. The tool can easily copy data, tweak a few inputs, and re-run in minutes. The better your company is setup for divvying out responsibilities by departments, the easier it will be to use the workflow functionality.
Very good support for both technical and commercial issues. We are very satfisfied with Prophix. Prophix is able to display all needed KPIs and offers a flexible structure. The software is very flexible and can be adjusted to customer specifications. Start with a POC to check whether the software will meet your requirements.
Implementation was fast and thorough, vendor periodically made sure we were encompassing everything we set out to. Software has worked remarkably since then, haven't had to log a trouble ticket since, and we have been continuing to use it more broadly and deeper every month. Its flexibility and ease of ramp-up. I can come up with an idea in the morning about an entirely new database, and once I have the data in the way I want it, can create the model in Prophix and have all the data loaded within a half a day at most. The regular updates always have little nuggets of awesomeness tucked away that I love.
Although everything hasn't gone perfectly always - overall I am extremely happy with the product and with the service. If your chart of accounts is disorganized - especially if it's very disorganized - take the time to think it through and update it before you move to Prophix. While it isn't absolutely necessary - you will wish you did later. And, make sure someone internally takes real ownership of the system instead of trying to just carry on with the status quo after implementation. My company did both - and I can see where it would have gone way differently if we hand not done these things.
The Prohpix team has been extremely attentive to our users and needs as a company. From implementation to further development. On the few occasions where we have needed tech support, the process has felt a little clunky. But that could be getting familiar with the ticket workflow with Prohpix. The Prophix team really desires to partner with our company to obtain the highest level of success possible. Don't be limited by what you think you can use it for today. There are likely many more possibilities for the system's use.
System works fine and is easy to understand for myself as administrator as for endusers to import there data. No bigger problems or issues so far. Fast set up for budget and forecast process with easy implementation to get reports out of the system.
Find Out What Our Users Have To Say:
Have a question about our CPM software?